Earnings per common share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings per common share

14.    Earnings per common share

The computations of basic earnings per common share follow:

	Year Ended December 31
	2019			2018			2017
	(In thousands, except per share)
Income available to common shareholders:
Net income	$	1,929,149		$	1,918,080		$	1,408,306
Less: Preferred stock dividends(a)		(69,441	)		(72,521	)		(72,734	)
Net income available to common equity		1,859,708			1,845,559			1,335,572
Less: Income attributable to unvested stock-based    compensation awards		(10,199	)		(9,531	)		(8,069	)
Net income available to common shareholders	$	1,849,509		$	1,836,028		$	1,327,503
Weighted-average shares outstanding:
Common shares outstanding (including common stock    issuable) and unvested stock-based compensation awards		135,169			144,740			153,092
Less: Unvested stock-based compensation awards		(741	)		(748	)		(933	)
Weighted-average shares outstanding		134,428			143,992			152,159
Basic earnings per common share	$	13.76		$	12.75		$	8.72

(a) Including impact of not as yet declared cumulative dividends.

The computations of diluted earnings per common share follow:

	Year Ended December 31
	2019			2018			2017
	(In thousands, except per share)
Net income available to common equity	$	1,859,708		$	1,845,559		$	1,335,572
Less: Income attributable to unvested stock-based    compensation awards		(10,197	)		(9,524	)		(8,055	)
Net income available to common shareholders	$	1,849,511		$	1,836,035		$	1,327,517
Adjusted weighted-average shares outstanding:
Common and unvested stock-based compensation awards		135,169			144,740			153,092
Less: Unvested stock-based compensation awards		(741	)		(748	)		(933	)
Plus: Incremental shares from assumed conversion of    stock-based compensation awards and warrants to    purchase common stock		34			159			392
Adjusted weighted-average shares outstanding		134,462			144,151			152,551
Diluted earnings per common share	$	13.75		$	12.74		$	8.70

GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units, which, in accordance with GAAP, are considered participating securities.

Stock-based compensation awards and warrants to purchase common stock of M&T representing common shares of 238,000 in 2019, 194,000 in 2018 and 401,000 in 2017 were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.